Raising the federal minimum wage to $15 an hour by 2025 could lift 900,000 Americans above the poverty threshold—but the policy would cost 1.4 million Americans their jobs over the next four years, according to a study released by the nonpartisan Congressional Budget.
The leisure and hospitality sector lost 61,000 jobs in January, following a steep decline of 536,000 in December.
Households collectively saved $1.4 trillion in the first nine months of last year, about twice as much as what they saved in the same period a year earlier
The Fed estimates U.S. economic output will grow 4.2% in 2021 and the unemployment rate will drop to 5% by year’s end from 6.7% in December. It sees the jobless rate falling further to 4.2% by the end of 2022.
Thirty-seven CFOs stepped down from S&P 500 companies, up 27.6% from 2019. The figure for 2020 is higher than the average number of resignations over the past decade, which totaled about 25 a year.
Employers cut 140,000 jobs in December, the first decline since the pandemic hit the country last spring. Job cuts at restaurants and bars drove the drop, as many were forced to close or scale back operations during a nationwide surge in coronavirus cases.
Global regulators and other authorities have consistently reiterated that USD LIBOR would no longer be available after December 31, 2021, but recently the ICE Benchmark Administration (IBA), signaled to the market that USD LIBOR for the most liquid maturities is now likely to continue to be published until June 30, 2023.
The purchasing managers index for the U.S. manufacturing sector rose to 57.1 in December from 56.7 in November. That was the biggest improvement since September 2014.
